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Newport, KY Code of Ordinances
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§ 38.048 TOTAL OR PERMANENT DISABILITY; CAUSES; DETERMINATION.
   (A)   In the event of total and permanent occupational disability, the member shall receive an annuity equal to 60% of his or her rate of salary, based upon an average of the 3 highest salary years. This benefit shall begin at such a time as his or her salary may cease and shall be paid during the entire life-time. Upon his or her death, his or her eligible widow or widower and minor children, if any, shall receive the benefits as provided in § 38.047(B). Benefits payable to the member shall be reduced by any amount paid to the member pursuant to worker’s compensation laws.
(1995 Code, § 2.88.140)
   (B)   (1)   Upon total and permanent disability of a member as the result of any cause other than occupational disability, if a member rendered at least ten years of total service, he or she shall be entitled to a disability retirement annuity. The amount of the annuity shall be equal to 2.5% of average salary for each full year of total service, subject to a minimum payment of 25% of the average salary, and a maximum payment of 65% of average salary. Payment of this annuity shall be made during disability of the member. Upon death of the member, if any eligible widow or minor children survive, the survivors shall be entitled to the regular annuities provided under § 38.047(B). Persons with 20 or more years of service may retire in accordance with § 38.046(D).
      (2)   Benefits payable to the member under this section shall be reduced by an amount payable to the member pursuant to worker’s compensation laws for disability arising out of employment other than with the City.
(1995 Code, § 2.88.150)
§ 38.049 CITY’S CONTRIBUTIONS.
   The City shall make contributions to the fund to assure that all members and all widows, widowers and eligible dependents, as defined herein receive all of the benefits contemplated by this subchapter.
§ 38.050 BOARD OF TRUSTEES; COMPOSITION; OFFICERS; DUTIES.
   (A)   The responsibility for the proper operation of the fund and the direction of its policies shall be vested in the Board of Trustees, consisting of:
      (1)   The Mayor, ex officio, who shall be the President of the Board;
      (2)   The City’s Chief Financial Officer, ex officio, who shall be the Treasurer of the Board; and
      (3)   Five trustees, all of whom shall be members of the Board of Commissioners, ex officio, and the City Manager, ex officio.
(1995 Code, § 2.88.210) (Ord. O-2001-30, passed 10-22-2001)
   (B)   (1)   The officers of the Board shall consist of the President, Vice-President and Secretary. The President shall be the chief executive officer of the Board, shall preside at all meetings and shall appoint all necessary committees. The Vice-President shall serve in the absence of the President.
      (2)   The Board shall designate the Secretary who may or may not be a member of the Board and shall fix his or her compensation. The Secretary shall keep a full account of all proceedings of the Board, shall give notice of all meetings and give effect to all resolutions, orders and directives of the Board. He or she shall be in charge of the detailed affairs of administration of the fund; shall keep the record of proceedings of all meetings; shall keep all books, files, records and accounts of the fund; shall receive all applications for annuities, benefits and refunds; shall prepare periodic reports relative to the financial operations of the fund for the information of the Board; shall compile all statistics pertinent to the operation of the fund; and shall answer all correspondence received by the Board.
      (3)   The Treasurer of the Board and custodian of the fund shall have custody of all cash and securities of the fund, subject to the authority and directives of the Board and shall keep such accounts and records as may be prescribed by the Board.
      (4)   The Law Department of the City shall serve as legal advisors to the Board on all matters pertaining to the fund involving suits or actions at law, and on any questions as to the interpretation of the provisions hereof, or, if the Board so elects, it may retain special counsel.
      (5)   The Board shall establish rules and regulations to implement the provisions of this division which shall not be inconsistent therewith.
      (6)   The Vice-President shall be annually elected by the Board of Trustees.
(1995 Code, § 2.88.230)
   (C)   In addition to other duties arising out of this subchapter, the Board shall:
      (1)   Hold meetings as may be deemed necessary and keep a full record of all its proceedings, which shall be open to inspection by the public;
      (2)   Provide for the installation of a system of accounts and records that will give full effect to the requirements of this subchapter;
      (3)   Obtain such information from the participating members and the City as shall be necessary for the proper operation of the fund;
      (4)   Consider and pass upon all applications for annuities, benefits, refunds and other payments, and authorize the expenditure for such purposes, in accordance with the provisions hereof; (The Board shall have authority to promulgate the rules and regulations, not inconsistent with the provisions of this subchapter, necessary for the proper determination of all claims before it.)
      (5)   Accept any gift, grant or bequest of any money or property of any kind, for the purposes designated by the grantor, if such purposes are specified as providing cash benefits to some or all of the members or annuitants of the fund; and (If no such purposes are designated, the same shall be credited to the account representing income from investments.)
      (6)   Have the accounts of the fund audited as of the end of each fiscal year, by a competent accountant, and submit an annual report to the City as soon as possible following the close of the year, embodying among other things, a balance sheet showing the financial condition of the fund, a statement of income and expenditures for the year and such other financial or statistical data as are necessary for a proper interpretation of the condition of the fund and the results of its operations. The Board shall also cause to be published for distribution among the members a synopsis of the report.
(1995 Code, § 2.88.240)
§ 38.051 INVESTMENT OF FUNDS.
   The Board may invest the moneys accruing to the fund in interest bearing bonds of any county or City of the first, second or third class in the state, or in any securities in which Trustees are permitted to invest trust funds under the laws of the state.
(1995 Code, § 2.88.250)
§ 38.052 ACCOUNTS; RECORDS SYSTEM.
   (A)   An adequate system of accounts and records shall be established and maintained for the fund that will reflect fully the requirements of the provisions of this subchapter.
   (B)   This system shall be integrated to the extent possible with the accounts, records and procedures of the City to the end that the same shall operate most effectively and at minimum expense, and that duplication of records and accounts may be avoided.
(1995 Code, § 2.88.260)
§ 38.053 PAYMENTS FROM FUND; MANNER.
   Moneys ordered paid from the fund to any person shall be paid by the Treasurer only upon order of the Board entered on the record of proceedings of the Board.
(1995 Code, § 2.88.270)
§ 38.054 MEMBER’S VESTED INTERESTS.
   Each member shall, by virtue of the payment of contribution to the fund, receive a vested interest in such contributions, and in consideration of the vested interest, shall be conclusively deemed to undertake and agree to pay the same and to have the amounts deducted from his or her salary as herein provided.
(1995 Code, § 2.88.280)
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